Everyone needs a good student loan guide.
One must never take a huge step in life such as securing student loans without at least the basic knowledge of this often complicated world.
This article seeks to shed light on some of the most common and pressing concerns when it comes to student loans—such as private student loans and refinancing student loans.
Here’s what you need to know.
Student Loan Guide for the Perplexed
— Jeannie Burlowski (@JBurlowski) July 4, 2017
First things first: student loans are important.
This student loan guide is dedicated to letting you see this and helping you every step of the way as you discover student loans.
— Jean Pickering (@TektiteGroup) July 4, 2017
After looking around, this student loan guide will reveal that there are different types of student loans.
Federal student loans are one of them, and they helps students in a lot of ways.
Be knowledgeable of these advantages.
Aside from federal student loans, you may also turn to private student loans for financial help.
— Baltimore Life (@BaltLife) April 1, 2016
Private student loans, however, are a bit more complicated than federal student loans, so extra research is a must.
In addition to the student loans themselves, there are subsidized or unsubsidized student loans.
What you should apply for is up to you and your needs.
It helps to read up on their differences.
— Student Loan Hero (@StudentLoanHero) July 4, 2017
Who says only undergraduate students can avail of student loans?
With this student loan guide, you’ll be able to fund even your graduate studies.
A basic guide to graduate student loans will help in this endeavor.
Student loans are still borrowed money, so it is, therefore, understandable that credit score is taken into consideration.
Let me help you increase your credit score. Don’t wait until you need credit to start working on it. If you want to buy a house or a car, now is the time to start preparing for lower interest rates and less money down. ASK ME about my 4th of July Special, if you are serious about working on your credit starting TODAY!!!
A lot of people are confused, however, by the exact way credit score affects student loans and vice-versa.
— John (@wisedollar) June 23, 2017
After finding the right student loans for you, it becomes all about paying it off.
There are many ways to pay off student loans, and this article will you guide you through it.
Default is when student loans go unpaid for a significant stretch of time.
— Gift of College (@GiftofCollege) May 22, 2017
Student loans require big amounts of money, so it happens.
This student loan guide includes information on how to get them out of default.
Sometimes, you have to take a break from repaying student loans.
This is what student loan deferment is for.
— Student Loan Ninja (@StudentLoanInfo) July 5, 2017
Deferment terms vary and may be complicated when other forms of agreement are in place.
Here are the basics you must know.
— DIY Credit (@credit_diy) April 20, 2017
Another aid in repaying student loans is student loan consolidation.
Consolidation means combining student loans as one big loan so that you don’t have to keep track of several ones with varying interest rates and repayment duration periods.
Betsy DeVos rolls back rules on student loans and for-profit colleges https://t.co/EzZbnFvyqd
— BillMoyers.com (@BillMoyersHQ) June 19, 2017
Why add another step in the painfully long process of paying off your loans?
Consolidating has more pros than cons, and this student loan guide will help you see it.
Refinancing student loans is important to understand in order to be fully equipped to handle your student loans.
— Sprowl & Smith Coach (@MaycSprowl) July 5, 2017
Even across banks, refinancing student loans is usually the same process at its core.
What you really need, therefore, are tips to make the process easier and successful.
Aside from deferment and consolidation, student loan forgiveness helps in repaying student loans.
— Yana Smith (@yanamyrtle) July 5, 2017
In fact, forgiveness means the entire loan is canceled and you, therefore, don’t have to repay anything.
But, as always, there are specific terms and conditions that come with it.
— Global Doc Prep (@GlobalDocPrep) July 5, 2017
One of the specifications of student loan forgiveness programs are the types of careers that qualify for a complete loan forgiveness.
Here’s a list that might help you reconsider switching career paths.
If you prefer to repay your student loans in a more traditional manner, there are various repayment plans that could help you.
The Best Income-Driven #RepaymentPlan?
— Ariel Pryor (@arielpryor) June 30, 2017
One of them is the income-based repayment plan.
A portion of your income will be deducted and will go to your student loan debt.
Similar to the income-based repayment plan is the pay as you earn repayment plan (PAYE).
The good news with this plan is only up to 10% of your discretionary income can be deducted for your student loan repayment.
With the revision of the PAYE, borrowers repay their student loans in accordance with the amount of income they earn and their family size.
Moreover, there’s a possibility the rest of your loans may be forgiven after paying for 20 to 25 consecutive years.
If you decide not to apply for other repayment plans, this is the default repayment plan you’ll end up having.
You will be required to repay your student loans 6 months after graduating.
— StudentLoanServicing (@loanreliefUS) March 16, 2017
The best thing about this plan is it guarantees less interest to be paid by the borrower.
— ASA (@asa_org) September 8, 2016
If you have secured your student loans through the Federal Direct Loan Program or the Federal Family Education Loan Program, the Graduated Repayment Plan is the plan you are assigned to repay your debt.
This plan is faster than most as its repayment is made within a 10-year duration only.
It is not uncommon for people to fall behind on their loan repayments.
— The Loan Educators (@Loan_Educators) March 29, 2016
When loans go into default, your credit score is affected which, in turn, affect your purchasing capacity in the future—or even your job applications.
Student loan rehabilitation helps cover these pitfalls.
Finally, here’s the essential dictionary every excellent student loan guide must have.
— Davies Wealth Mgmt (@TDWealthNet) July 6, 2017
Student loans are quite a world and a language of their own.
To avoid getting lost and making mistakes, the terms and basic knowledge you need are in this article.
To add more information to this student loan guide, watch this video from How to Adult:
Living with student loans can be daunting, and this is precisely why the US Student Loan Center exists.
There’s no need to worry if you have the right information to guide you along the way.
A good student loan guide allows you to be fully competent in handling and managing them.
Remember, you are not captives of your student loans; they are means to achieve your dreams.
Do you have any information on student loans you would like to share? Comment them below!